R.I. Foundation marks 100 years: 'We are built to last. And there is no doubt, we can do more'

Monday

Jun 13, 2016 at 8:38 PMJun 13, 2016 at 8:38 PM

From a $10,000 initial gift in 1916, to almost $800 million in assets today

G. Wayne Miller Journal Staff Writer gwaynemiller

PROVIDENCE – Monday’s annual meeting of the Rhode Island Foundation, which is celebrating its centennial in 2016, included a historical retrospective, remarks by Governor Raimondo, and president and CEO Neil D. Steinberg’s customary overview of the philanthropic organization’s initiatives during the last year.

But the evening began with a moment of silence called by foundation board chair Marie J. Langlois for the victims of the nation’s worst mass shooting, in Orlando, Fla., on Sunday. The gunman's attack left 49 people dead.

And thus the foundation shared the spirit of Sunday’s Tony Awards, dedicated to the Orlando victims, and of President Obama, among many others, who said that “…attacks on any American — regardless of race, ethnicity, religion or sexual orientation — is an attack on all of us and on the fundamental values of equality and dignity that define us as a country.”

The silent respects of the crowd estimated at more than 1,000 at the Temple to Music in Roger Williams Park having been paid, Steinberg spoke of the success of the foundation, which began on June 13, 1916, with a $10,000 gift from industrialist Jesse H. Metcalf — and at the end of 2015 had assets of almost $800 million and during that year, awarded a record $41.5 million in grants.

“The Rhode Island Foundation’s history is intertwined with the events of this centennial period: World wars, epic hurricanes, economic downturns and resurgences, a growing diverse population, and many social changes, a renaissance in the arts, and climate change, to name a few,” Steinberg said.

“Not only have we provided support and sustainability through the decades, we have been there at the beginning to catalyze many important and impactful initiatives still underway. They include Rhode Island KIDS Count, Local Initiatives Support Corporation Rhode Island, Neighborhood Health Plan, Green and Healthy Homes Initiative, Rhode Island Quality Institute, Social Venture Partners, Hispanics in Philanthropy, Black Philanthropy Initiative, Equity Action, and Teach for America, and I could go on and on.”

The foundation supports four major initiatives, described as “economic security, educational success, healthy lives and inspiring philanthropy.” Grants are awarded in eight major sectors: “Arts and culture, basic human needs, children and families, education, economic security, environment, health and housing.”

Since the 1916 gift of Metcalf, whose family owned The Providence Journal for many decades, the foundation has awarded a total of more than $550 million in grants. Much of that has come during the tenure of Steinberg, a former chairman and CEO of Fleet National Bank/Bank America who took the helm eight years ago – more than $165 million from 2011 to last year alone.

Steinberg asserted that the foundation does not intend to rest on laurels.

“While we trumpet many successes, there is also no denying the needs,” he said. “Income disparities, drug overdose crises, educational achievement gaps, affordable housing needs are among the issues of the day that we do not forget…

“There will always be needs, challenges, opportunities, and issues of the day for the Rhode Island Foundation to embrace and support and lead. We plan to do that. We are built to last. And there is no doubt, we can do more. We need to do more. And there is no doubt we can do better.”

Raimondo was one of a contingent of elected officials that included Lt. Gov. Daniel McKee, Secretary of State Nellie Gorbea, Providence Mayor Jorge Elorza, and Warwick Mayor Scott Avedisian who attended.

"Rhode Island is stronger because of you," Raimondo said. "Here's to the next 100 years."

Read more about the foundation and its history at www.rifoundation.org/Home.aspx